January 27, 2020 – Saudi Arabia’s foreign direct investment increased 10.2 percent year-on-year during the first eight months of 2019 to reach $3.5 billion. This is compared to $3.18 billion during the same period in 2018 from January to September. Further, this is a 170 percent increase over the inflows to the Kingdom in 2017 which stood at $1.16 billion. According to a report by the Saudi Arabian Monetary Authority (SAMA), the number of investor licenses granted in Saudi Arabia also grew to a record high of 1,131 in 2019, up 54 percent from 736 in 2018. SAMA credits the increase of inflows to the burgeoning tourism industry within the country. Investment projects and programs outlined in Saudi Arabia’s Vision 2030 program are estimated to attract significant foreign spending the Kingdom. In September alone, the Saudi Arabian General Investment Authority and Saudi Commission for Tourism and National Heritage signed tourism investment deals worth $27 billion.
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